Economy
The World’s Top 10 Economies
The inequitable distribution of income is present at the global level where the nominal gross domestic product (GDP) of the top 10 economies adds up to over 66% of the world’s economy, and the top 15 economies add up to over 75%. The remaining 172 countries constitute only 25% of the world’s economy.
Here’s the list of the top 10 economies based on the criteria of GDP, current prices (US dollars) which is simply known as nominal GDP. The rankings differ if the same list is prepared using the GDP based on purchasing-power-parity (PPP).
As a general rule, developed countries have a smaller gap between their nominal GDP (i.e., current prices) and GDP based on PPP.
The difference is greater in developing countries, which tend to have a higher GDP when valued on purchasing-power-parity basis. This list is based on IMF data, which is updated twice annually.
This list was compiled by Investopedia and last updated on July 18, 2016.
- United States
The U.S. economy is the largest in the world in terms of nominal GDP (measured at current prices in US dollars). The $17.95 trillion US economy is approximately 24.5% of the gross world product. The United States is an economic superpower that is highly advanced in terms of technology and infrastructure and has abundant natural resources. However, the U.S. economy loses its spot as the number one economy by a slight margin to China when measured in terms of GDP based on PPP. In these terms, China’s GDP is $19.4 trillion and the U.S. GDP is $17.95 trillion. However, the U.S. is way ahead of China in terms of GDP per capita (PPP) – approximately $55,805 in the U.S. versus $14,107 in China.
- China
China has transformed itself from a centrally planned closed economy in the 1970’s to a manufacturing and exporting hub over the years. The Chinese economy is propelled by an equal contribution from manufacturing and services (45% each, approximately) with a 10% contribution by the agricultural sector. The Chinese economy overtook the U.S. economy in terms of GDP based on PPP. However, the difference between the economies in terms of nominal GDP remains large. China is currently a $10.98 trillion economy and has been growing at around 7% in the recent years, although that growth is starting to slow down.
- Japan
Japan’s economy ranks third in terms of nominal GDP, while it slips to fourth spot when comparing the GDP by purchasing-power-parity. The economy has been facing hard times since 2008, when it was first showed recessionary symptoms. Though the government’s stimulus packages have helped the economy recover a bit, the massive earthquake in 2011 gave the fragile economy another jolt. Economic growth has hovered between 0.5–2% in recent times, but is forecasted to stay below 1% during the next six years. The nominal GDP of Japan is $4.12 trillion, its GDP (PPP) is $4.83 trillion, and its GDP (PPP) per capita is $38,054.
- Germany
Germany is Europe’s largest and strongest economy. On the world scale, it ranks as the fourth largest economy in terms of nominal GDP. Germany’s economy is known for its exports of machinery, vehicles, household equipment, and chemicals. Germany has a skilled labor force, but the economy faces demographic challenges like most European nations. The size of its nominal GDP is $3.36 trillion, while its GDP in terms of purchasing-power-parity is $3.84 trillion. Germany’s GDP (PPP) per capita is $46,893, and the economy has moved at a moderate pace of 1-2% in recent years and is forecasted to stay that way.
- United Kingdom
The United Kingdom, with a $2.85 trillion GDP, is the world’s fifth largest. The economy of the UK is primarily driven by services, as the sector contributes more than 75% of the GDP. With agriculture contributing a minimal 1%, manufacturing is the second most important contributor to GDP. Although agriculture is not a major contributor to GDP, 60% of its food needs is produced domestically, even though less than 2% of its labor force is employed in the sector. After the referendum in June 2016 when voters decided to leave the European Union, economic prospects for the UK are highly uncertain, and the UK and France may swap places. The country will operate under EU regulations and trade agreements for two years after the formal announcement of an exit to the European Council, in which time officials will work on a new trade agreement. Economists have estimated that a Brexit could result in a loss of anywhere from 2.2-9.5% of GDP, depending on the trade agreements replacing the current single market structure.
- France
France, the most visited country in the world, is the sixth largest economy with a nominal GDP of $2.42 trillion. Its GDP in terms of PPP is around $2.65 trillion. France has a low poverty rate and high standard of living, which is reflected in its GDP (PPP) per capita of $41,180. The country is among the top exporters and importers in the world. France has experienced a slowdown over the past few years and the government is under immense pressure to rekindle the economy, as well as combat high unemployment which reached 10.35% in 2015. According to IMF forecasts the country’s GDP growth rate is expected to rise over the next six years, and unemployment is expected to go down.
- India
India ranks third in GDP in terms of purchasing-power-parity ($7.97 trillion), while its nominal GDP ($2.09 trillion) puts it in a seventh place. The country’s high population drags its GDP (PPP) per capita down to $6,162. India’s GDP is still dependent on agriculture (17%), compared to western countries. However, the services sector has picked up in recent years and now accounts for 57% of the GDP, while industry contributes 26%. The economy’s strength lies in a limited dependence on exports, high saving rates, favourable demographics, and a rising middle class. India recently overtook China as the fastest growing large economy.
- Italy
Italy’s $1.16 trillion economy is the world’s eighth largest in terms of nominal GDP. Italy is among the prominent economies of the eurozone, but it has been impacted by the debt crisis in the region. The economy suffers from a huge public debt estimated to be about 135.8% of GDP, and its banking system is close to a collapse and in need of a bail-out/bail-in. The economy is also facing high unemployment, but saw a positive economic growth in 2015 for the first time since 2011. The government is working on various measures to boost the economy that has contracted in recent years. The GDP measured in purchasing-power-parity for the economy is estimated at $2.17 trillion, while its per capita GDP (PPP) is $35,708.
- Brazil
Brazil with its $1.77 trillion economy, it is the ninth largest economy by nominal GDP. The Brazilian economy has developed services, manufacturing, and agricultural sectors with each sector contributing around 68%, 26%, and 6% respectively. Brazil is one of the BRIC countries, and was projected to continue to be one of the fastest growing economies in the world. However, the recession in 2015 caused Brazil to go from seventh to ninth place in the world economies ranking, with a negative growth rate of 3.8%. The IMF does not expect positive growth until 2018, and the unemployment rate is expected to grow over 3% – to 10.4% – over the same time period. The Brazilian GDP measured in purchasing-power-parity is $3.19 trillion, while its GDP per capita (PPP) is $15,614.
- Canada
Canada pushed Russia off the list with a nominal GDP of $1.55 trillion. Canada has a highly service oriented economy, and has had solid growth in manufacturing as well as in the oil and petroleum sector since the Second World War. However, the country is very exposed to commodity prices, and the drop in oil prices kept the economy from growing more than 1.2% in 2015 (down from 2.5% the previous year). The GDP measured in purchasing-power parity is $1.6 trillion, and the GDP per capita (PPP) is $45,553.
The Bottom Line
Some other economies that are a part of the “trillion-dollar” club and have the potential to make it to the top 10 going ahead are South Korea ($1.38 trillion), Russia ($1.32 trillion), Australia ($1.22 trillion), Spain ($1.2 trillion), and Mexico ($1.14 trillion).
Source: Investopedia
Economy
Nigeria Gazettes ECOWAS Tariffs to Strengthen Continental Trade

By Adedapo Adesanya
The Nigerian government has officially gazetted and transmitted the ECOWAS Schedule of Tariff Offers for Trade in Goods under the African Continental Free Trade Area (AfCFTA) to the AfCFTA Secretariat.
The move came ahead of the 16th meeting of the AfCFTA Council of Ministers (COM), which is being held today in Kinshasa, Democratic Republic of Congo (DRC).
The development marked a crucial milestone in regional trade integration amid the current global trade war initiated by the United States President Donald Trump.
Nigeria became the 23rd AfCFTA state party to gazette its Provisional Schedule of Tariff Concessions (PSTCs).
The Minister of Industry, Trade, and Investment, Mrs Jumoke Oduwole, while announcing the development on her official X handle, said the manufacturing and agriculture sectors in Nigeria are poised to see improvements because of this actions.
She said AfCFTA would trigger a 73 per cent growth in tarde volume in the agriculture and fishing sectors, adding that prices of items should begin to see a downtrend as a result because of competition.
“Stronger sectors, stronger Nigeria,” she noted in a statement issued by the Director for Press and Public Relations in her ministry, Mr Adebayo Thomas.
The Minister further said the milestone would enable Nigerian exporters leverage preferential tariff access across African markets, positioning the country as a key player in regional and global trade, stressing that the gazetting and transmission of tariffs to the secretariat signified the country’s readiness for trade under the agreement.
Mrs Oduwole said the development underscored Nigeria’s dedication to leveraging Africa’s single market for economic transformation.
The AfCFTA agreement establishes zero duties on 90 per cent of tariff lines for trade in goods, enhancing Nigeria’s market competitiveness and expanding trade opportunities across Africa.
Essentially, Nigerian goods are now competitively positioned in the African market, ensuring greater business access and profitability.
President Bola Tinubu signed the ECOWAS Schedule of Tariff Offers, which reinforces the country’s commitment to regional trade expansion, strengthening its role in shaping the future of intra-African trade and boosting export competitiveness under the AfCFTA framework.
Furthermore, it enables the seamless shipment of goods to and from Nigeria, unlocking new opportunities for businesses, manufacturers, and exporters.
The gazetting of the schedule of tariff concessions was expected to yield significant benefits, including boosting economic growth and job creation by reducing trade barriers, strengthening regional integration and trade relations through enhanced economic ties, and supporting Nigerian SMEs by lowering costs and encouraging market expansion.
Nigeria’s commitment to AfCFTA implementation makes it an attractive destination for foreign and intra-African investment, reinforcing its role as a trade hub in West Africa.
The gazetting announcement follows the AfCFTA digital trade mandate announced in February in Addis Ababa, where President Tinubu received a personal commendation for his work on digital trade, further reinforcing the country’s commitment to regional and continental trade integration.
The statement added that as a digital trade co-champion, the country was advancing seamless trade facilitation and cross-border commerce, ensuring businesses, especially SMEs, can fully benefit from the AfCFTA framework.
Economy
Oyetola Orders Dibursement of Cabotage Vessel Financing Fund

By Adedapo Adesanya
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has instructed the Nigerian Maritime Administration and Safety Agency (NIMASA) to initiate the long-awaited disbursement process for the Cabotage Vessel Financing Fund (CVFF).
This directive marks a significant shift from over two decades of administrative stagnation and ushers in a new era of strategic repositioning of Nigeria’s indigenous shipping.
The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to empower Nigerian shipping companies through access to structured financing for vessel acquisition. However, successive administrations failed to operationalize the fund—until now.
According to the Minister, the disbursement of the CVFF will represent not just the release of funds, but a profound commitment to empowering Nigerian maritime operators, bolstering national competitiveness, and fostering sustainable economic development.
“This is not just about disbursing funds. It’s about rewriting a chapter in our maritime history,” said Mr Oyetola. “For over 20 years, the CVFF remained a dormant promise. Today, we are bringing it to life—deliberately, transparently, and strategically,” he stated.
NIMASA, in alignment with the Minister’s directive, has already issued a Marine Notice inviting eligible Nigerian shipping companies to apply.
Qualified applicants can access up to $25 million each at competitive interest rates to acquire vessels that meet international safety and performance standards.
The fund will be administered in partnership with carefully selected and approved Primary Lending Institutions (PLIs), ensuring professional and efficient disbursement.
“We are not merely funding vessels; we are investing in a future where Nigerian shipping companies can stand shoulder-to-shoulder with their international counterparts,” Mr Oyetola said.
“This is a turning point—one that affirms our commitment to local content, economic resilience, and maritime sovereignty,” he added.
The disbursement of the CVFF is anticipated to yield far-reaching benefits. It will enable the growth of a stronger, self-sufficient shipping fleet, generate employment opportunities, stimulate local shipbuilding and repair industries, and significantly reduce capital flight associated with foreign vessel chartering.
“We are doing what should have been done years ago—because our vision is clear.”
“A strong indigenous fleet is not just a matter of pride; it is a strategic national asset. Through this intervention, we will be securing jobs, strengthening our economy, and redefining our place in the global maritime economy,” said Mr Oyetola.
Economy
Nigeria’s Inflation Rate Jumps to 24.23% in March 2025

By Adedapo Adesanya
Nigeria’s inflation rate edged up to 24.23 per cent in March, according to the National Bureau of Statistics (NBS) on Tuesday.
It was the first time since the Consumer Price Index (CPI) has risen since it was rebased in January by the stats office, which made the base year 2024 from the previous 2009.
The new rate indicates an upward movement of 1.05 per cent from the 23.18 per cent reported in February 2025, signalling a return to levels (24.48 per cent) recorded in the beginning of the year after the CPI rebasing.
This latest figures came at a time that the United States President, Mr Donald Trump, has unleashed a trade war that has triggered a sharp selloff in the price of oil, Nigeria’s main export and led to the weakening of the Naira, which will push up import costs, though this should reflect in the next CPI numbers next month.
Although the US administration announced a 90 per cent day pause on the 14 per cent reciprocal tariffs last week, its felt impact remains, as it continues to fight China.
The Nigerian government have announced plans to boost its non-oil imports to tackle the blowbacks from the trade war, which will heavily impact the global economy.
The rise in inflation will also present a challenge to the Central Bank of Nigeria (CBN) regarding interest rates, which it paused at its last meeting.
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